G20 sticks to its original aspiration
By Jing Yi
World
economy is picking up, but still faces weak growth momentum, increasing
hindrances, and even the risk of derailment. Meanwhile, unilateralism, trade protectionism
and hegemonic practices are sweeping the world, attacking the global economic
order and reducing confidence in international trade and investment.
Worried
about the current global economic situation, the international community is looking
forward to the 14th Group of 20 (G20) summit which is scheduled to kick off soon
in Osaka, Japan. It is hoped that the summit could release positive signals, point
a way out for development and boost confidence in global market.
Such
wishes are exactly the original aspiration that the mechanism held 11 years ago
when the first G20 summit took place.
Back
then, the outbreak of the international financial crisis casted a shadow over
the globe, and countries worried that the world might fall into the same old
trap of the Great Depression in the last century.
At the
critical moment, the early members of G20 joined hands with each other and acted
in the spirit of unity and win-win partnership. They pulled the world economy
back from precipice and pushed it back to the track of stability and growth
through equal consultation and coordination.
Since
then, G20 has been regarded as a major platform for international economic
cooperation, and thus ushered in a new chapter of global economic governance.
Today, when
international landscape is going through complicated changes, it’s especially
important for G20 to review its history and adhere to its original aspiration.
It
should champion right concepts. From highlighting international financial
problems at the beginning, G20 has now expanded coverage to trade, innovation,
health, sustainable development, and anti-corruption. The constantly enriched
G20 agendas revealed the contagion of major international issues that no
country is able to deal with them independently.
Regarding
this, major economies should live up to their responsibilities, stick to the
spirit of multilateralism and stop misunderstanding and finger pointing. Besides,
they should also respect others and leave no space for unilateralism or
bullying practices, so that consultation on equal footing and win-win
cooperation will become an eternal belief.
G20
should steer the world towards progress. At present, global economy is facing sluggish
recovery, and the rising protectionism is also creating downward pressure for
global economic growth.
In the
face of these challenges, we can’t simply blame others and expect that all
problems can be resolved overnight. On the contrary, each country should keep
the courage to carry out reforms and focus on high-quality development.
Only by
boosting growth through innovation can countries stop the old practice of “carving
up” and avoid the mistakes of undermining global value chain and exacerbating
fragmented governance.
G20
should keep being development-oriented. G20 is more effective than conventional
coordination mechanisms among major countries because
it serves as an important platform for equal-footed dialogues and consultations
between major developed economies and developing countries.
It
should base its efforts on the goal of resolving the fundamental problems of
imbalanced development, highlight development in the discussions of digital
economy, infrastructure, climate change, energy and environment, and find
solutions to developing countries’ deficiency of capital, capabilities, and
governance in the above-mentioned areas, so as to avoid new development gap.
As an
important member of G20, China sticks to its original aspiration for
cooperation and devotes itself to providing solutions to and facilitating
global economic governance.
There
were three clocks in the press center of the G20 London Summit in 2009, showing
Beijing time, London time and Washington time respectively. It demonstrated that
China, representing an open major developing country, is playing a vital role
together with its partners.
At the
G20 Brisbane Summit in 2014, China submitted a growth strategy that included
134 measures. According to an estimate by international organization, China was
among the greatest contributors to G20’s comprehensive growth strategies.
The
world will never forget that at the 2016 G20 Hangzhou Summit, China called on all
relevant parties to join hands to build an innovative, invigorated,
interconnected and inclusive world economy, which pointed a new way for world
economic cooperation and furthered G20’s transformation from crisis-management
to long-term global governance.
Ready to
shoulder its responsibilities and benefit the whole world, China is constantly
injecting new vitality into the progress of G20 with its own development and concrete
actions.
It’s
believed that China will continue strengthen mutually-beneficial cooperation
with each country and make new contribution to the growth of world
economy.
(Jing Yi
is a Chinese expert of international affairs.)
G20 sticks to its original aspiration
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